International Standards on Auditing
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International Standards on Auditing (ISA) are professional standards for the auditing of financial information. These standards are issued by the International Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L), ISA guides the auditor to add value to the assignment hence building confidence of investors.
The standards cover various areas of auditing, including respective responsibilities,
audit reports
, and standards for specialized areas.
Use of the ISAs
- European Union: The Statutory audits to be performed in the European Union.
The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by
Council Decision of 28 June 1999, also known as the "Comitology Decision".[1]
- European Court of Auditors: the European Communitycontext.
- The INTOSAI Auditing Standards.[3]
See also
- External audit
- Internal audit
- International Organization of Supreme Audit Institutions
- Generally Accepted Auditing Standards
- Financial reporting
- International Financial Reporting Standards
- International Public Sector Accounting Standards
Notes and references
- ^ "DIRECTIVE 2006/43/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/ 660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC".
- ^ "United Nations Board of Auditors". www.un.org. Retrieved 17 April 2018.
- ^ The INTOSAI Financial Audit Guidelines are based on the International Standards on Auditing (ISA) issued by the IAASB http://www.afrosai-e.org.za/HOME/Menu/TechnicalAdvancement/INTOSAIauditingstandards/tabid/82/Default.aspx
- "The Clarified Standards". International Federation of Accountants.